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The Economics of Transition and the Transition of Economics *
Author(s) -
HORNE JOCELYN
Publication year - 1995
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1995.tb02682.x
Subject(s) - transition (genetics) , economics , institutional economics , economic reform , heterodox economics , schools of economic thought , economic system , neoclassical economics , applied economics , positive economics , mainstream economics , public economics , political science , china , biochemistry , chemistry , law , gene
The economics of transition is the study of the economic transformation from one economic system–central planning–to another, a market system. This paper discusses a number of issues in reform strategy and experiences with reform of Eastern Europe. It is argued that the economics of transition has a wider significance that transcends specific issues of reform strategy and individual country experience. That significance lies in two areas; as a ‘living test’ of the neoclassical model which underpins the reform strategy and as an ultimate challenge to the economics discipline.